What Are Unemployment Loans?
Unemployed loans are short-term loans designed for those without a job to borrow money to settle unexpected expenses. Most loan types are targeted toward the working class, so it's usually very difficult for the unemployed to access funding. But with unemployed loans, you can access funds to pay for things like a vacation, medical emergencies, vehicle repair costs, and kitchen appliance repair costs.
Can I Get a Loan If I Am Unemployed and Have a Bad Credit Score?
Yes, you can get a bad credit loan when unemployed. However, the chances are very slim and a loan is difficult to access without a verifiable source of income. As one of the leading loan brokers in the US, we have partnered with select lenders to offer unemployed loans to those without employment to settle unexpected expenses. The only downside with this type of loan is that it usually comes with a high-interest rate.
How to Qualify for Getting a Loan While Unemployed
Getting a loan while unemployed can be very difficult, but if you have a solid credit rating, lenders will be more than happy to approve your loan request. At WeLoans, our eligibility criteria are very flexible. To apply for unemployment loans with us, you have to meet the following requirements:
- You must be at least 18 years old as of the time of application.
- You must have a checking account with any of the banks in the country.
- You must receive up to $1,000 in your account.
- You must be a resident of the US.
How Does WeLoans Compare?
|Why Use Us?|
|How much am I allowed to borrow?||Up to $35,000||No hidden fees or charges|
|What are typically the loan terms?||Up to 36 months||Various repayment options|
|Do lenders check my credit?||Yes||Soft search only|
|Do lenders take bad credit?||Yes||Bad credit considered|
|Chances of approval||Good||Quick turnaround|
|How to apply?||Apply online||No paperwork needed|
Advantages to Get a Loan with No Job
There are so many benefits of taking an unemployed loan with no job. Some of the benefits include:
Before now, it was very difficult for unemployed people to access loans to settle unexpected expenses, but nowadays, getting an unemployed loan comes at a convenience. The internet has made it easy for you to sit in the comfort of your home or office and find a loan that suits your needs.
Quick Disbursement of Emergency Loans for Unemployed
Traditional lenders and even banks take a lot of time to approve a loan request for unemployed persons. But, the narrative has since changed. These days, you can apply for unemployment loans and get the funds within minutes. Unemployed persons can use these loans for a variety of purposes, including going for a vacation, funding a business idea, or servicing their broken down vehicle.
Manageable Loan Amounts
Another benefit of accessing unemployment loans is that you can get an amount that's easy to manage. Plus, there's no hidden charge and the repayment terms are usually flexible. If, in any case, you cannot meet up with the repayment schedule, you can reach out to your lender to request an extension. If you have a clean record, the lender will graciously approve your extension request.
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Disadvantages to Get a Loan with No Job
Despite the good sides of unemployment loan, it still has its drawbacks, including:
A High Interest Rate
One of the biggest drawbacks of obtaining unemployment loans is the fact that it comes with a heavy interest rate. We have seen online lenders across the United States begging their interest rates to as high as 35.99% with a repayment duration of 6 months. So, before you take an unemployment loan, ensure you review the interest rates, repayment terms and duration, and late payment fees. Your knowledge of these things will help you determine whether to work with a lender or not.
A Cycle of Debt
Getting an unemployment loan to settle unexpected expenses can be exciting, but the amount gotten adds to your cycle of debt. If you are not able to repay the loan in record time, the loan could hurt your credit score.
FAQ (Frequently Asked Questions)
1. Can You Get a Payday Loan on Benefits?
Of course, you can get a payday loan on benefits. However, to qualify for the loan, you have to meet a few requirements, including having a checking account with any bank in the US and a valid phone number for easy communication. Also, your credit score must be top-notch; otherwise, lenders may reject your loan application for a payday loan on benefits.
2. Where Can I Get a Loan While Unemployed?
Getting a loan while unemployed can be a challenge, especially if you don't have alternative sources of income. However, you can approach an online lender for a quick loan to settle unexpected expenses. Typically, lenders in the US will check your credit rating to be sure you can repay the loan in record time.
3. How Can I Get Money Now With No Job?
As someone with no job, you can still get money to settle unexpected expenses. Some countries offer unemployed people stipends to cater to their personal needs. Other countries offer grants for research scholars with no steady job. Aside from these sources, if you are without a job, direct lenders can consider a real estate deal, a pending job contract, or even an expected inheritance to approve your loan request. Ensure you read through the loan's terms properly before sending in your application.
4. How Much Can I Borrow With an Unemployed Loan?
You can borrow between $100 and $5,000 to settle unexpected expenses. At WeLoans, we give priority to every one of our customers. We will help you facilitate the process of getting unemployed loans.